HomeNewsPolkadot's PolimecProtocol Chooses Deloitte for KYC, Paving the Way for Seamless Fundraising

Polkadot’s PolimecProtocol Chooses Deloitte for KYC, Paving the Way for Seamless Fundraising

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  • Deloitte has launched a KYC (Know Your Customer) Credentials service, allowing users to establish a digital self-sovereign identity validated by Deloitte, and used initially with Polimec.
  • This service provides users control over their personal data and streamlines the process of participating in online services, starting with early-stage fundraising on Polimec.

Revolutionizing Digital Identity Verification

In a groundbreaking development, Deloitte, in collaboration with Polkadot, has introduced a revolutionary KYC (Know Your Customer) Credentials service, aiming to transform the landscape of digital identity verification.

Deloitte Innovates Digital Identity: Launches Self-Sovereign Identity Solution

Deloitte’s new KYC Credentials service enables individuals to establish a digital self-sovereign identity. This process involves validating personal data once with Deloitte using the infrastructure of KILT Protocol, a blockchain-based protocol for issuing verifiable, revocable, and anonymous credentials in Web3.

Reusable KYC Credentials

Once validated, Deloitte issues KYC Credentials, which users maintain control over. These credentials can be reused across various online services, starting with Polimec, a platform for participating in early-stage fundraising. This approach significantly reduces the need to repeatedly share personal information with different service providers.

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Polimec: The First Use Case

Polimec, operating in the Polkadot ecosystem, is the first platform to utilize these KYC Credentials. Announced at Polkadot Decoded in Copenhagen, this collaboration marked the service’s debut, enabling users to participate in fundraising activities with enhanced data security and convenience.

Deloitte’s KYC Credentials Empower Users with Unprecedented Control Over Personal Data

Users verify their information once with Deloitte and store it in their KYC Credentials within the Deloitte Wallet. This wallet, only accessible to the user, ensures complete control over data sharing. For instance, if age verification is required, users can share just the necessary information without disclosing specific details like their date of birth.

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Secure Digital Asset and Web3 Ecosystem

The KYC Credentials open doors to a secure digital asset and Web3 ecosystem, where all participants are verified, fostering a safer and more reliable online environment.

Addressing ID Theft and Fraud

Deloitte’s KYC Credentials are designed to combat the growing problems of ID theft and fraud in the digital world. They allow users to prove their identity securely and reliably, akin to using a physical ID card in the real world but without leaving extensive data trails.

As Deloitte’s KYC Credentials redefine digital identity verification, they represent a significant step forward in making the electronic world as user-friendly and secure as the physical world. This innovation in the Polkadot ecosystem is a testament to the evolving synergy between blockchain technology and traditional financial services, paving the way for a more secure and efficient digital future.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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